Eurozone finance ministers, who are holding talks in Dublin today, have released a statement on Cyprus in which they assure that the country has met all the requirements, allowing for the bailout deal to be completed. According to the document: The Eurogroup notes with satisfaction that the Cypriot authorities have implemented decisive bank resolution, restructuring and recapitalisation measures to address the fragile and unique situation of Cyprus' financial sector. The Eurogroup commends the authorities for their demonstrated resolve in implementing these important measures in a tight timeframe and reiterates its appreciation for the efforts made by the Cypriot citizens over the last weeks.” Eurozone finance ministers expect the bailout fund ESM board to give the green light to the proposal of granting Cyprus a 10 billion euro bailout on April 24. The first tranche of the aid could then be released by mid-may.

Following the release of the statement on the Cypriot bailout, Eurozone finance ministers, who hold talks today in Dublin, announced that the loan repayment for Ireland and Portugal would be extended. Eurogroup chief Jeroen Dijsselbloem confirmed that the Eurozone finance ministers agreed to give seven more years to Portugal and Ireland to repay their bailout loans amounting to 78 billion euros and 85 billion euros, respectively. He also informed that the maturity extension will most probably be approved at the upcoming Ecofin meeting, which kicks off later today. EU Commissioner Olli Rehn expressed hope that Ecofin would give the green light to the measure, which in his opinion is an important step on the road to exiting the rescue program.http://blog.fxcc.com/13536/

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.3103 (R1). Price extension above it is required to validate our next intraday targets at 1.3128 (R2) and 1.3154 (R3) Downwards scenario: Further correction development is limited now to the session low – 1.3043 (S1). If the price manages to surpass it we would suggest next intraday targets at 1.3015 (S2) and 1.2988 (S3).

Upwards scenario: Next hurdle on the upside is seen at important technical level – 98.62 (R1). If the price manages to overcome it we expect further acceleration towards to our initial targets at 99.17 (R2) and 99.71 (R3). Downwards scenario: Price regress below the support level at 97.55 (S1) would increase likelihood of failing towards to our key supportive barrier at 97.08 (S2) and any further market decline would then be targeting final support for today at 96.57 (S3).